https://www.taxtmi.com/caselaws?id=220832 The High Court upheld the application of Section 50C of the Income Tax Act to a property transaction, emphasizing the alignment of taxable value with stamp duty valuation. The Court rejected the assessee's argument regarding the timing of receipt of sale proceeds and emphasized that transactions must comply with the legislative intent behind Section 50C. It was ruled that attempts to evade tax obligations through timing maneuvers were impermissible. The Assessing Officer's consideration of stamp duty valuation for tax assessment was deemed appropriate, leading to the dismissal of the appeal. en-us Wed, 16 Jan 2013 00:00:00 +0530 Mon, 11 Feb 2013 07:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220832 The High Court upheld the application of Section 50C of the Income Tax Act to a property transaction, emphasizing the alignment of taxable value with stamp duty valuation. The Court rejected the assessee's argument regarding the timing of receipt of sale proceeds and emphasized that transactions must comply with the legislative intent behind Section 50C. It was ruled that attempts to evade tax obligations through timing maneuvers were impermissible. The Assessing Officer's consideration of stamp duty valuation for tax assessment was deemed appropriate, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220832